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Articles 1 - 6 of 6
Full-Text Articles in Business Law, Public Responsibility, and Ethics
Bankruptcy And Economic Recovery, Thomas H. Jackson, David A. Skeel Jr.
Bankruptcy And Economic Recovery, Thomas H. Jackson, David A. Skeel Jr.
All Faculty Scholarship
To measure economic growth or recovery, one traditionally looks to metrics such as the unemployment rate and the growth in GDP. And in terms of figuring out institutional policies that will stimulate economic growth, the focus most often is on policies that encourage investment, entrepreneurial enterprises, and reward risk-taking with appropriate returns. Bankruptcy academics that we are, we tend to add our own area of expertise to this stable— with the firm belief that thinking critically about bankruptcy policy is an important element of any set of institutions designed to speed economic recovery. In this paper, written for a book …
A New Look At The Corporate Social-Financial Performance Relationship: The Moderating Roles Of Temporal And Inter-Domain Consistency In Corporate Social Performance, Heli Wang, Jaepil Choi
A New Look At The Corporate Social-Financial Performance Relationship: The Moderating Roles Of Temporal And Inter-Domain Consistency In Corporate Social Performance, Heli Wang, Jaepil Choi
Research Collection Lee Kong Chian School Of Business
The authors develop the argument that the establishment of good stakeholder relations is influenced not only by a firm’s having a high level of corporate social performance but also by its ability to deliver consistent social performance. Therefore, both level and consistency in corporate social performance should have significant financial implications. More specifically, the authors suggest that level and two types of consistency in corporate social performance—temporal consistency and interdomain consistency—interact positively to influence a firm’s financial performance. Using a sample of 622 firms and 2,365 firm-year observations based on the Kinder, Lydenberg, Domini, & Co. data, the authors found …
Private Governance, Public Implications And The Tightrope Of Regulatory Reform: The Isda Credit Derivatives Determinations Committees, John Biggins, Colin Scott
Private Governance, Public Implications And The Tightrope Of Regulatory Reform: The Isda Credit Derivatives Determinations Committees, John Biggins, Colin Scott
Transnational Business Governance Interactions Working Papers
Regulatory relationships in financial markets exemplify the importance and changing nature of transnational business governance interactions (TBGI). These interactions involve reciprocal forces of influence between private and public regulators. This paper examines one key case of private governance in financial markets: the emergence, structures and decision-making of Credit Derivatives Determinations Committees (DCs) of the International Swaps and Derivatives Association (ISDA). The paper highlights the mechanisms or 'pathways' of interaction between ISDA, governments, courts and public regulators. Interactions between state and non-state actors are shown to occur in both operational and policy spheres. ISDA is found to be a particularly resilient …
Insider Trading Restrictions And Top Executive Compensation, David J. Denis, Jin Xu
Insider Trading Restrictions And Top Executive Compensation, David J. Denis, Jin Xu
Purdue CIBER Working Papers
The use of equity incentives is significantly greater in countries with stronger insider trading restrictions, and these higher incentives are associated with higher total pay. These findings are robust to alternative definitions of insider trading restrictions and enforcement, and to panel regressions with country fixed effects. We also find significant increases in top executive pay and the use of equity-based incentives in the period immediately following the initial enforcement of insider trading laws. We conclude that insider trading laws are one channel through which cross-country differences in pay practices can be explained.
Who Calls The Shots?: How Mutual Funds Vote On Director Elections, Stephen J. Choi, Jill E. Fisch, Marcel Kahan
Who Calls The Shots?: How Mutual Funds Vote On Director Elections, Stephen J. Choi, Jill E. Fisch, Marcel Kahan
All Faculty Scholarship
Shareholder voting has become an increasingly important focus of corporate governance, and mutual funds control a substantial percentage of shareholder voting power. The manner in which mutual funds exercise that power, however, is poorly understood. In particular, because neither mutual funds nor their advisors are beneficial owners of their portfolio holdings, there is concern that mutual fund voting may be uninformed or tainted by conflicts of interest. These concerns, if true, hamper the potential effectiveness of regulatory reforms such as proxy access and say on pay. This article analyzes mutual fund voting decisions in uncontested director elections. We find that …
Ipos And The Slow Death Of Section 5, Donald C. Langevoort, Robert B. Thompson
Ipos And The Slow Death Of Section 5, Donald C. Langevoort, Robert B. Thompson
Georgetown Law Faculty Publications and Other Works
Since its enactment, Section 5 of the Securities Act of 1933 has restricted sales-based communications with investors, but that effort is nearly dead even with respect to the most sensitive of offerings, the IPO. Our paper traces that devolution, which began almost as soon as the ’33 Act came into existence, though the SEC’s 2005 deregulatory reforms and Congress’ intervention in the JOBS Act of 2012. We show how much of this related to an embrace of “book-building” as the industry’s preferred method of price discovery, which requires private two-way communications between underwriters and potential sophisticated investors. But book-building (and …